Saturday, December 5, 2009

Terry Paulson writes, "It took nearly 150 years for Congress to pass a resolution apologizing for slavery. We should apologize now to future generations for what we’ve done and are doing to America. Though our generation’s motivation was compassionate, we’re leaving America worse.

. . .

"Unfortunately, since we keep adding more entitlements and refuse to pay as we go, we leave no inheritance of opportunity, just a horrendous, out-of-control debt. Our current deficit is over $12 trillion, but that’s just what politicians will admit. Former U.S. Comptroller General David Walker estimates the total “unfunded liabilities” at $56.4 trillion. That’s the bill to pay off the publicly held portion of the national debt and all the benefits already promised through Social Security, Medicare and other welfare programs minus what will be collected for these programs under existing tax laws.

. . .

"Like Boy Scouts who work to leave the wilderness better than they found it, every generation should leave America better for having lived. Leaving future generations the bill for our excesses doesn’t leave a legacy we can be proud of!"

Friday, December 4, 2009

"The man who parties like there is no tomorrow puts his body through an “up” and a “down” course that looks a lot like the business cycle. At the party, the man freely imbibes. He has a great time before stumbling home at 2:00 a.m., where he crashes on the sofa. A few hours later, he awakens in the grip of the dreaded hangover. He then has a choice to make: get a short-term lift from another drink or sober up. If he chooses the latter and endures a few hours of discomfort, he can recover. In any event, no one would say the hangover is when the harm is done; the harm was done the night before and the hangover is the evidence." - from The House That Uncle Sam Built by Steve Horwitz and Pete Boettke

To read the story of what caused the housing bubble that led to the economic collapse of 2008, go here.